HOME › Research Insight › New Product Development was the key Growth Strategy Adopted by the Companies to Grow in the global UV Stabilizers Market

New Product Development was the key Growth Strategy Adopted by the Companies to Grow in the global UV Stabilizers Market

The global UV stabilizers market is projected to reach USD 1.51 Billion by 2021, at a CAGR of 6.7% from 2016 to 2021. The growing demand for UV stabilizers from major application industries such as packaging, automotive, and other industrial applications in emerging economies is driving the global UV stabilizers market.

New product development was the key growth strategy adopted by the companies to grow in the global UV stabilizers market. This strategy accounted for a share of 42% of the total growth strategies adopted by the market players between 2011 and 2016. Furthermore, companies adopted the strategy of expansions to enhance their UV stabilizers product portfolio. This strategy accounted for a share of 32% of the total developmental strategies that were adopted between 2011 and 2016. Companies also adopted the strategy of acquisitions, which accounted for a share of 16% of the of the total growth strategies adopted by the market players between 2011 and 2016. Most number of strategic initiatives and expansions that took place in the Asia-Pacific region between 2011 to 2016.

Songwon Industrial Co., Ltd. (South Korea), a key player in the UV stabilizers market, accounted for the largest share of all the total developmental activities that took place in the UV stabilizers market. As part of its strategy, the company focuses on expanding its UV stabilizers business by entering into agreements, and through expansions and acquisitions. In August 2014, Songwon Industrial Co., Ltd. (South Korea) acquired SeQuent Specialty Chemicals (India). The acquisition included the polymer stabilizers business unit, domestic R&D division, and the production facility in Panoli (Bengaluru). In March 2013, Songwon Industrial Co., Ltd. (South Korea) started its new OPS manufacturing facility under its subsidiary Songwon Additive Technologies Americas in Houston (U.S.) that has an annual production capacity of 7,000 MT.

Another company that has a strong foothold in the global UV stabilizers market is Solvay SA (Belgium). The company mainly focusses on the strategies of new product development and expansions. Cytec Solvay Group (U.S.) launched Cyasorb Cynergy Solutions stabilizers and Cyasorb Cynergy Solutions V Series that cater to the growing needs of environment-friendly and UV protected materials of automotive coating, greenhouse films, and solar panels applications.